[throwaway2a1av]

if you live in NYC as a high earner, you already have some of the highest tax rates in the country. A lot of people who are high earners in NYC make their money through w2 income, so there's no way to avoid paying ~50% in taxes.

Anecdotally, I know so many people in this >1M "high earning" bracket who have moved out of NYC to Austin/Miami/Tampa/Seattle in the last couple of years. Especially now that remote work is a viable choice at many companies. Every year you're saving somewhere between 8-10% in taxes, which is upwards of 100k/year.

Whatever your stance on higher taxes for the wealthy are, as long as viable alternative locations exist in the USA where there is such a massive discrepancy in the taxes, you're not going to be able to raise more revenue in NYS/NYC by simply raising the marginal tax rate for the highest earners.

If they actually increased taxes to fund this, I highly doubt they will be able to raise additional revenue, and the primary effect will be driving up home prices even further in the tax-free cities above